ION retailer New Look is to open a flagship store at the east end of Oxford Street, helping to drive further change at the notoriously dowdy end of London’s largest shopping street.
Property firm Great Portland Estates said yesterday that it has pre-let a third of its huge 90,500 square feet development at 73-89 Oxford Street to New Look on a 20 year-lease.
The retailer has agreed to pay £3.65m a year after a 12-month rent-free period and will occupy 31,800 square feet on the basement, ground, first and second floors.
Work on the scheme, opposite the Dean Street entrance to the Tottenham Court Road Crossrail station, began earlier this year and is expected to be completed in April 2017.
The east end of Oxford Street is undergoing a major facelift ahead of the arrival of Crossrail in 2018. Primark opened a four-storey shop in 2012, while Zara is also planning to open a flagship store nearby.
Centre Point tower is also being refurbished and fitted with luxury apartments.